RES 13-30Extract of Minutes of Meeting of the
City Council of the City of Elk River,
Sherburne County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the Council of the City of Ell-,
River, Minnesota, was duly held in the City Hall in the City of Elk River, on Monday, May 20,
2013, commencing at 6:30 P.M.
The following members were present: Mayor John J. Dietz, Councilmembers Stewart Wilson,
Barbara Burandt, Matt Westgaard, and Paul Motin
and the following were absent: none.
Member Westgaard introduced the following resolution and moved its adoption:
RESOLUTION NO. 13- 30
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BE IT RESOLVED By the City Council of the City of Ell{ River, Sherburne County,
Minnesota (the "City "), as follows:
L The City has issued its General Obligation Improvement Bonds, Series 2005A,
dated June 14, 2005 (the `Bonds "), in the original aggregate principal amount of S1,070,000. The
Bonds maturing on February 1 in the years 2014 through and including 2016, in the aggregate
principal amount of $340,000 (the "Callable Bonds "), are subject to redemption and prepayment on
any date at a price of par plus accrued interest.
2. It is determined that it is in the sound financial management of the City that the
Callable Bonds be prepaid and redeemed on July 1, 2013, or such later date for which proper notice
of call may be given, and such bonds are hereby called for redemption on such date.
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3. The City Finance Director is authorized and directed to request that U.S. Batik
National Association, the paying agent and bond registrar (the "Registrar "), mail the Notice of Call
for Redemption in substantially the form attached hereto as Exhibit A to the registered owners of
each Bond to be redeemed at the addresses shown on the registration books kept by the Registrar.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Wilson , and upon vote being taken thereon, the following voted in favor thereof
Mayor Dietz, Councilmembers Wilson, Burandt, Westgaard, and Motin
and the following voted against: none
R
whereupon said resolution was declared duly passed and adopted.
Passed and adopted this 20tII day of May, 2013.
J n J. ietz, M yor
ATTEST:
Tuna Allard, City erk
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2005A
CITY OF ELK RIVER
SHERBURNE COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Elk River,
Sherburne County, Minnesota, there have been called for redemption and prepayment on
July 1, 2013
all outstanding bonds of the City designated as General Obligation Improvement Bonds,
Series 2005A, dated June 14, 2005, having stated maturity dates of February 1 in the years 2014
through 2016, both inclusive, totaling $340,000 in principal amount:
Year of Maturity Amount
CUSIP
2014 $110,000 287407 K25
2015 115,000 287407 K33
2016 115,000 287407K41
The bonds are being called at a price of par phis accrued interest to July 1, 2013, on which date
all interest on said bonds will cease to accrue. Holders of the bonds hereby called for redemption
are requested to present then bonds for payment at the main office of U.S. Bank National
Association, in St. Paul, Minnesota, on or before July 1, 2013.
If by mail:
U.S. Bank National Association
Corporate Trust Operations
60 Livingston Avenue
EP- MN -WS3 C
St. Paul, MN 55107
If by hand:
U.S. Bank National Association
60 Livingston Avenue
3rd Floor — Bond Drop Window
St. Paul, MN 55107
Important Notice: In compliance with the Jobs and Growth Tax Relief Reconciliation
Act of 2003, federal backup withholding tax will be withheld at the applicable backup
withholding rate in effect at the time the payment by the redeeming institutions if they are not
provided with your social security number or federal employer identification number, properly
certified. This requirement is fulfilled by submitting a W -9 Form, which may be obtained at a
bank or other financial institution.
Dated: May 20, 2013.
BY ORDER OF THE CITY COUNCIL
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